#United States #Pittsburgh #Matthews International #Morgan O'Brien #Katherine Dietze

Matthews International Corporation Announces Board Restructuring

In a significant development for Matthews International Corporation (NASDAQ: MATW), the company has disclosed that two of its long-standing board members, Katherine E. Dietze and Morgan K. O'Brien, will not seek re-election at the upcoming 2027 Annual Meeting of Shareholders. This decision is in alignment with the company’s strategic vision and represents a proactive step in streamlining board governance.

The announcement made on October 1, 2026, indicates a pivotal moment in Matthews' governance structure as the company prepares for the next phase of its growth strategy. Both Dietze and O'Brien, who have served on the board for many years, have expressed their belief in the direction Matthews is taking under the new leadership of President and CEO, Michael J. Whitehead. Their decision to not stand for re-election reflects a commitment to board refreshment and the support for a leaner governance setup.

Chairman J. Michael Nauman praised Dietze and O'Brien for their invaluable contributions, noting that their experience and judgment have significantly helped shape the company's success. He emphasized the importance of their support for a smaller board that can enhance focus and operational efficiency. This new direction aligns with Matthews' ongoing efforts to create a streamlined decision-making body as it navigates through a transformative growth phase.

Since 2023, Matthews has been undergoing a rejuvenation of its board with the onboarding of five new directors, each contributing essential skills relevant to the company's strategic goals. Such efforts are vital for enhancing board performance and ensuring strong oversight as Matthews adapts to changing market dynamics.

Strategically, Matthews has initiated a series of transformative actions that aim to bolster shareholder value. These include successful divestitures of various segments of the business, such as the SGK Brand Solutions in May 2025 and its European packaging and warehouse automation divisions in December 2025. Furthermore, the company has actively pursued acquisitions and strategic investments, including the recent acquisition of The Dodge Company, a provider of embalming fluids.

To further modernize its governance practices, Matthews has embraced several corporate enhancements. These include board declassification and the adoption of majority voting standards in uncontested elections, significantly streamlining its governance processes. Additionally, the removal of supermajority vote requirements for amending the company’s Articles of Incorporation marks a substantial shift toward more agile decision-making.

As part of its restructuring efforts, Matthews initiated a comprehensive revamp of its engineering operations in Europe, projecting annual cost savings of approximately $10 million starting in Fiscal Year 2027. Mr. Nauman's elevation to Chairman and Mr. Whitehead's recent appointment as President and CEO underscore a committed leadership transition aimed at positioning the company for future growth.

Moving forward, Matthews remains focused on solidifying its strategic priorities within its core businesses and most profitable operations. As new developments unfold, the company is expected to provide comprehensive updates on these initiatives in the forthcoming months. Matthews International, operating through its Industrial Technologies and Memorialization segments, caters to diverse market needs and aims to enhance operational efficiency and long-term growth through continuous innovation.

With over 4,300 employees in 15 countries, Matthews International is well-positioned to deliver high-quality products and innovative solutions that meet the evolving demands of its customers worldwide.